Dat Ho, Others Arrested in Alleged PPP Fraud
Three individuals were arrested last week in New York for their alleged participation in a scheme to fraudulently obtain $13 million in PPP funds.
The trio: Dat Ho, Victoria Ho, and Ngoc Nguyen are reportedly members of a family that own a chain of over 15 nail salons in the NYC metro area called “Victoria Nails & Spa,” as well as other businesses.
According to the Department of Justice, “the defendants falsely and grossly overstated the number of employees at the Victoria Companies and wages paid to those employees in order to obtain” up to $13 million in PPP loans. “In order to support the false representations in the loan applications about the number of employees at, and the wages paid by, the Victoria Companies, the defendants submitted fraudulent and doctored payroll and tax records. In addition, the defendants falsely listed the same employees in applications for different nail salons to support the loan amounts applied for, and some purported employees were listed as employees of as many as seven different nail salons during the same time period.”
Unique to this PPP malfeasance story is that the underlying businesses existed and were operational.
All defendants are innocent until proven guilty.Last modified: December 14, 2020